~marginalrevolution | Bookmarks (37)

That is the topic of my latest Bloomberg column, here is one excerpt: The more clear and present danger to Hollywood is that would-be viewers might start making their own short videos rather than watching television. “Show my pet dog Fido flying to Mars and building a space colony there” is perhaps more fun than […] The post The commercial impact of Sora appeared...

We create a firm-level ChatGPT investment score, based on conference calls, that measures managers’ anticipated changes in capital expenditures. We validate the score with interpretable textual content and its strong correlation with CFO survey responses. The investment score predicts future capital expenditure for up to nine quarters, controlling for Tobin’s q and other determinants, implying […] The post ChatGPT as a predictor of corporate...

Remember when man and machine played together to beat the solo computers?  It was not usually about adding the man’s chess judgment to that of the machine, rather the man would decide which computer program to use in a given position, when the programs offered conflicting advice. that was called Centaur Chess, or sometimes “Freestyle […] The post “Centaur chess” is now run by...

Each year, people spend less time reading and more time viewing images1, which are proliferating online. Images from platforms such as Google and Wikipedia are downloaded by millions every day, and millions more are interacting through social media, such as Instagram and TikTok, that primarily consist of exchanging visual content. In parallel, news agencies and […] The post On-line images and lookism appeared first...

Many people think “I will do […], AI will not anytime soon do [….] as well as I will.”  That may or may not be true. But keep in mind many of us are locked into a competition for attention.  AI can beat you without competing against you in your task directly.  What AI produces […] The post A periodic reminder of your pending...

This paper presents a groundbreaking comparison between Large Language Models and traditional legal contract reviewers, Junior Lawyers and Legal Process Outsourcers. We dissect whether LLMs can outperform humans in accuracy, speed, and cost efficiency during contract review. Our empirical analysis benchmarks LLMs against a ground truth set by Senior Lawyers, uncovering that advanced models match […] The post Comparing Large Language Models Against Lawyers...

It is very long, very detailed, and very good.  Interesting throughout!  Excerpt: Dealing with the third conversation is harder. There is place where I feel Tyler is misinterpreting a few statements, in ways I find extremely frustrating and that I do not see him do in other contexts, and I pause to set the record […] The post Zvi Mowshowitz covers my podcast with...

We discussed how the insights of Hayek, Keynes, Smith, and other great economists help us make sense of AI, growth, risk, human nature, anarchy, central planning, and much more. Dwarkesh is one of the very best interviewers around, here are the links.  If Twitter is blocked to you, here is the transcript, here is Spotify, […] The post My new podcast with Dwarkesh Patel...

…we can expect to see in the 2020s that we did not see in the 2010s: the possibility of ubiquitous participation by AIs. AIs are willing to work for less than $1 per hour, and have the knowledge of an encyclopedia – and if that’s not enough, they can even be integrated with real-time web search […] The post Vitalik on AI and crypto appeared...

That is the focus of my latest Bloomberg column, 2x the normal length.  I cannot cover all the points, but here is one excerpt: The larger theme is becoming evident: AI will radically disrupt power relations in society. AI may severely limit, for instance, the status and earnings of the so-called “wordcel” class. It will […] The post What are the actual dangers of...

OpenAI on Thursday announced its first partnership with a higher education institution. Starting in February, Arizona State University will have full access to ChatGPT Enterprise and plans to use it for coursework, tutoring, research and more. The partnership has been in the works for at least six months. ASU plans to build a personalized AI […] The post Open AI will partner with Arizona...

That is the topic of my latest Bloomberg column.  Here is the first part of the argument: Two kinds of AI-driven education are likely to take off, and they will have very different effects. Both approaches have real promise, but neither will make everyone happy. The first category will resemble learning platforms such as Khan Academy, […] The post How is AI education going to...

Maybe so: We administer a Turing Test to AI Chatbots. We examine how Chatbots behave in a suite of classic behavioral games that are designed to elicit characteristics such as trust, fairness, risk-aversion, cooperation, \textit{etc.}, as well as how they respond to a traditional Big-5 psychological survey that measures personality traits. ChatGPT-4 exhibits behavioral and […] The post Are chatbots better than we are?...